Weekly Governance Update: Week of August 5th, 2024
The first week of August included onchain proposals for Gauntlet’s recommendations, a proposal to activate a VELO market on Optimism, and proposals to activate markets for EtherFi’s weETH on Base and Optimism.
Here are the highlights:
Contributor Updates
Forum post: Gauntlet Base/Moonbeam/Moonriver Weekly Market Update
Author: Gauntlet
Summary: Gauntlet posted a weekly update on Monday for the Moonwell markets covering the previous week.
- Base: Two assets had an average borrow/supply cap usage of over 75%: AERO (83.12% borrow cap and 84.08% supply cap) and rETH (99.17% supply cap). The deployment had $259,946.47 in liquidations across five assets in the past week: mWETH ($141.79K), mAERO ($62.58K), mwstETH ($43.45K), mcbETH ($11.96K), and mUSDC ($166.67).
- Moonbeam: No asset had an average utilization greater than 75%. The deployment had $40,568.52 in liquidations across three assets in the past week: mDOT ($23.61K), mGLMR ($14.41K), mETH.wh ($2.54K, and mFRAX ($8.52).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (82.91%). The deployment had $6,448.17 in liquidations across two assets in the past week: mMOVR ($5.78K) and mxcKSM ($668.17).
…
Forum post: Gauntlet Base/Moonbeam/Moonriver Recommendations
Author: Gauntlet
Summary: Last week, Gauntlet offered their monthly recommendations on risk parameters across the four Moonwell deployments. This week, the recommendations were implemented into four onchain proposals: MIP-B24, MIP-O03, MIP-M36, and MIP-R23.
Outcome: All four proposals passed their onchain voting period.
…
Forum post: Gauntlet - cbETH Cap Recommendation for Optimism
Author: Gauntlet
Summary: On Sunday, Gauntlet announced they would use Cap Guardian to increase Supply Cap for AERO from 30 to 50. For the rationale behind these changes, see the forum post above.
…
Integration Updates
Proposal: MIP-O04: Activate Velo Market on Optimism
Summary: On Monday, MIP-O04 was submitted for onchain voting. The proposal sought to activate a VELO market on Moonwell’s Optimism deployment. On Wednesday, the onchain proposal was re-submitted.
Outcome: MIP-O04 was overwhelmingly passed by the community.
…
Forum post: Add weETH Market to Moonwell on Base
Summary: In June, Justin from Ether.fi created a forum discussion with the intention of adding a weETH market to Moonwell’s Base deployment. On July 25th, the team submitted a successful Snapshot to gauge the community’s sentiment on this proposal. After Gauntlet gave their initial parameter recommendations (see the first comment for updated recommendations), the proposal progressed to two onchain votes (one for Moonwell’s Optimism deployment and one for Moonwell’s Base deployment) on Wednesday.
Outcome: MIP-B25 and MIP-O05 passed their voting period.
…
Upcoming Events in Governance
Monthly Governance Call
The first Thursday of each month
Look for the next Monthly Governance Call in Discord on the first Thursday of the month, September 5th.
August’s Governance Participant Galxe campaign
Don’t miss out on the final opportunity to win a share of the $2000 prize pool for this month’s governance campaign!